ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Large Growth in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 114,270,000 shares, a growth of 8.0% from the August 31st total of 105,840,000 shares. Based on an average daily volume of 13,970,000 shares, the days-to-cover ratio is currently 8.2 days. Currently, 29.1% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Needham & Company LLC lowered their target price on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. The Goldman Sachs Group dropped their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada decreased their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. Benchmark reiterated a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research report on Thursday, September 5th. Finally, Evercore ISI reduced their price objective on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint presently has an average rating of “Hold” and a consensus target price of $3.39.

ChargePoint Stock Down 5.1 %

NYSE:CHPT opened at $1.30 on Wednesday. ChargePoint has a twelve month low of $1.21 and a twelve month high of $5.00. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The stock has a fifty day simple moving average of $1.67 and a 200-day simple moving average of $1.69.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.15). The company had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. Research analysts expect that ChargePoint will post -0.56 EPS for the current year.

Insider Activity at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,515 shares of company stock valued at $100,595. 3.50% of the stock is owned by company insiders.

Institutional Trading of ChargePoint

Large investors have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in ChargePoint during the 2nd quarter valued at $13,007,000. Vanguard Group Inc. lifted its stake in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after acquiring an additional 7,645,210 shares during the period. Norges Bank purchased a new stake in ChargePoint in the fourth quarter worth about $9,733,000. AQR Capital Management LLC bought a new position in ChargePoint during the 2nd quarter worth about $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in ChargePoint by 62.0% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after purchasing an additional 621,536 shares during the period. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.